Elevator Pitch
I downgrade my rating on Hong Kong-listed Chinese software and internet services company Kingsoft Corporation Limited (OTCPK:KSFTF) (OTCPK:KGFTY) [3888:HK] from Bullish to Neutral.
This is an update of my prior article on Kingsoft Corporation published on April 21, 2020. Kingsoft Corporation's share has price increased by +29% from HK$27.95 as of April 20, 2020 to HK$36.05 as of July 1, 2020 since my last update. My sum-of-the-parts valuation implies a 6% upside for Kingsoft Corporation based on a target price of HK$38.20.
Kingsoft Corporation recently spun off its cloud